Is Starting An Online Business A Good Idea? 18 KEY Facts

Thinking about trading your 9-to-5 for the wild wild web?

Not sure if starting an online business is a good idea?

What I can say is starting my first online business was one of the scariest, most challenging and (at the same time) most exciting and rewarding things I’ve ever done.

It meant I could wave goodbye to the old 9-to-5 and grab a one-way ticket to Thailand.

Fast forward 10 years and here I am, a full-time entrepreneur with several successful online ventures under my belt, a tidy sum in the bank and the freedom and flexibility to work from any corner of the globe.

Ready to build your online empire?

Follow my step-by-step getting started guide.

Still on the fence?

Then stick around because I’m gonna walk you through the actual pros and cons to help you decide if starting an online business is a good call for you right now.

10 Reasons To Start An Online Business Right Now

1. Passion Unleashed

Ever fancied turning your passion into a paycheck? Well, guess what?

In the world of online business, that’s not just a pipe dream – it’s your golden ticket to a life that feels far from mundane.

Why this matters:

• Daily motivation: No more blurry-eyed, “just ten more minutes” battles with the alarm clock. Your passion becomes the fuel that catapults you out of bed every morning.

• Meaningful pursuit: Building something you care about? That’s not just business; it’s a purpose and a challenge you get to sink your teeth into. It’s waking up knowing today is your chance to make a difference in the way only you can.

• Passion yields success: It’s not a myth. When you love what you do, success doesn’t just follow; it will chase you down.

Imagine this:

Every morning, you wake up with a grin and a spring in your step. Why? Because you’re not just hustling; you’re crafting something that truly means something to you.

2. Fearless Independence

Tired of working all the hours God sends to make other people rich? Ready to break free from the mould? Welcome to the exhilarating world of online business, where you’re not just an entrepreneur – you’re the master of your own destiny.

Why this matters:

• Be your own boss: Say goodbye to the constraints of a traditional workplace. In the online realm, you’re the captain of the ship and you get to set your own course towards success on your terms.

• Make your own rules: Forget rigid corporate policies. It’s your online empire so you get to set the rules. Want to wear pyjamas to your home office? Want to launch a new project? Change direction? Go for it. No one can stop you.

• Dance to your own beat: Your productivity peaks when you’re ready, not when the clock dictates. Your work, your schedule, your rhythm.

Imagine this:

Your life is no longer controlled by the whims of others. You’ve stepped out from the shadows of rule-following; now, you’re the mastermind, the rule-maker, free to carve out your own path and make your goals a reality.

3. Wallet-Friendly

Thinking about dipping your toes into the online business pool but worried about a financial belly-flop?

Fear not, because you’re entering the wallet-friendly wonderland where starting an online business isn’t about just breaking even; it’s about breaking barriers without shattering your piggy bank.

Why this matters:

• Level playing field: Online entrepreneurship isn’t reserved for those with deep pockets; rather, it’s a democratic space where passion and dedication can propel anyone into the entrepreneurial stratosphere.

• Lean and mean startup: No physical storefront, staff salaries, no utility bills. Without the hefty overheads starting your online venture is a financial breeze, not a hurricane of worry.

• Low risk: 20% of businesses fail during the first two years. 82% of them because of cash flow problems. Low startup costs mean less financial risk so you have space to test ideas, pivot and evolve without the fear of bankruptcy.

Imagine this:

Launching an online startup without grappling with the sleepless nights and stress of debt hanging over you like a dark cloud before your business baby even takes its first steps. Your chances of success skyrocket because you’re not burdened by the financial pressure that often plagues traditional businesses.

4. Global Reach

Ever dreamed of your ideas, products or creations reaching beyond your local neighbourhood? Well, with an online business, you’re not just dreaming – you’re stepping onto the global stage where your brand and your voice can resonate with millions.

Why this matters:

• Reach the masses: With 5.4 billion people online, your ideas can touch lives and make a difference on a global scale.

• Limitless potential: Whether you’re a budding artist, an aspiring author, or a tech wizard with the next big app, the online world provides a platform no longer limited by geographical boundaries, but as vast as the digital landscape itself.

• 24/7 availability: You make money around the clock because your business never closes its doors; it’s always open and ready to reach new customers.

Imagine this:

Your reach extends far beyond the familiar faces at your local coffee shop or the regulars at the neighbourhood farmers’ market.

Now, picture your creations, whether they’re handcrafted masterpieces or ingenious digital solutions, finding homes in the hands of people across continents. Your impact isn’t confined to a small radius; it spans the entire world.

5. Profit Potential

Starting an online business in [current_year] is a great way to make some serious cha-ching.

We splurge $2 billion a day online, and guess what? That’s only going up. Everything we desire is at our fingertips in the digital world, which also means you can sell virtually anything you want online.

Why this matters:

• Sky’s the limit: Your revenue potential isn’t constrained by shelf space. Unlike traditional brick-and-mortar businesses with limited physical space, your online store can showcase an infinite array of digital products.

• Passive income stream: Once you’ve set the wheels in motion, your online business will generate revenue even while you sleep. Digital products, from e-books to online courses, can be purchased 24/7, providing a continuous income stream.

• Creative recognition: Your unique ideas are not just valued but can lead to standout products, attracting a dedicated audience willing to pay a premium for what you’re selling.

Imagine this:

A quick glance at your phone reveals hundreds of sales and thousands in profit, all within the last few hours. Your notification screen lights up like a digital fireworks display, each pop representing another delighted customer who couldn’t resist snagging your latest offer.

6. Time Becomes Your Ally

Ever heard Robert Kiyosaki talk about how selling your time for money is a poor person’s game?

Your hours are precious, and it’s high time you let them work for you, breaking free from the old-school mentality of putting in the work once and cashing in just once.

Welcome to the third millennium, where, as an online business owner, you invest your time and energy once and reap the rewards again and again and again. This is my kind of economy – where the clock isn’t your master; it’s your partner in profit.

Why this matters:

• Work smart, not hard: Instead of being chained to the grind, your efforts attract leads and drive sales long after you’ve hit the publish button, freeing you from the time-for-money trap.

• Unleash the power of automation: Your email campaigns, blog posts, or videos continuously resonate with your audience without constantly chasing sales. It’s not just about making a living; it’s about making your time work for you.

Imagine this:

You hustle hard, whether it’s crafting that killer email, creating that product or launching a winning ad campaign. Now it works for you tirelessly as your own personal digital workforce.

It’s like having a dedicated employee that keeps generating leads and sales, allowing you to kick back and savour the sweet fruits of your initial labour. Congratulations – you have finally cracked the code on how to leverage your time.

7. Location Freedom

Office cubicle? Who needs it? You can work anywhere. Armed with just a laptop and an internet connection, you’re good to go.

Why this matters:

• Work-life balance: No longer living to work, now you work to live. You work hard and play hard. With location freedom, you can relish every moment outside the virtual office without sacrificing your professional success.

• Inspiration from anywhere: Your office is wherever you are, be it a café in Paris, your favourite sofa at home or a hammock on a tropical beach. The world becomes your versatile workspace.

• Flexibility breeds productivity: Choose the environment that fuels your productivity. Relish the freedom to work where you’re most inspired, be it the bustling streets of Tokyo or a cosy cabin in the Swiss Alps. You get to choose.

Imagine this:

Thanks to the income from your online business you can live and work anywhere, so you book an Airbnb in Bali for a month, before jetting off to Bangkok for another month, then take a two break in Laos before booking a month in Siem Reap, Cambodia.

Why?

Because you’re a digital nomad, the world’s your oyster and you’re going to take full advantage of it.

8. Clocks Are Overrated

As an online business owner, the rigid 9-to-5 grind becomes a thing of the past.

Instead, you get to create a schedule that dances to your rhythm because, after all, your productivity peaks when you’re ready, not when the clock dictates.

As your online business grows, you have the freedom to decide how you spend your time and what you focus on.

Whether it’s brainstorming new business ideas or sipping a cocktail on a beach somewhere, your time becomes yours to command.

Why this matters:

• Flexibility redefined: Your work hours now bow to your peak productivity times, not the other way around. Forget the stress of rushing through tasks to meet an arbitrary deadline. Enjoy the luxury of working when inspiration strikes.

• Balancing act: Juggling work and personal life becomes a seamless dance. Your schedule adapts to your life, not the other way around. Spend more time with loved ones, explore your passions or take a midday siesta if that’s your jam.

• Liberating control: No more clock-watching or calendar-checking. Embrace the freedom to work when you’re most inspired and play when you desire. Welcome to a life lived on your terms.

Imagine this:

No more racing against the clock to beat the morning rush or watching the seconds tick away in a fluorescent-lit office.

Instead, picture yourself setting your own work hours, aligning them with your most productive moments and reclaiming the reins of your daily schedule.

9. Limitless Scalability

Tired of waiting around for an annual review, crossing your fingers for a slight bump in your paycheck? With an online business, those days are ancient history.

There are no more limits on your earning potential, no more wishing for a raise. As an online business owner, you hold the reins to your income destiny.

And with minimal upfront costs, you’re free to reinvest and turbocharge your business.

Whether broadening your product range, investing in marketing strategies, expanding your team or building your online presence – the freedom to reinvest ensures your business continues to evolve and thrive.

Why this matters:

• Endless earning potential: Say goodbye to the constraints of a fixed salary. Now your income potential knows no bounds. Want to hit $10,000 a month? Or dream bigger, like a million a year? It’s not just possible; it’s well within your grasp.

• Escape the annual review grind: Your income isn’t at the mercy of someone else’s judgment; it’s in your hands and you have the tools to shape it as you see fit.

• Scale up on your terms: You can design and implement the systems that take your venture to new heights, whether that’s doubling your monthly revenue or achieving that coveted seven-figure milestone.

Imagine this:

You set a goal — let’s say, $100,000 a month. Now, here’s the magic: it’s not a pipe dream; it’s a plan. You have the power to build the systems that scale your business to astronomical heights. You’re the architect of your own financial success.

10. For The Person You’ll Become

I started my online business for the money (like most do), but the personal transformation that happened as a result goes far beyond the balance of your bank account.

It’s a journey of self-discovery, of setting big goals, achieving them, and then setting even bigger goals. Each milestone is a testament to your growth, resilience, and the boundless potential within you.

Why this matters:

• Discovering your potential: Starting an online business will reveal strengths you never knew you had, unlocking the person you know you could and should be.

• Life-altering skills: You learn so much. You hone problem-solving, decision-making, marketing, content creation and adaptability – all vital income-generating skills in the 21st century.

• Confidence boost: As you overcome challenges and watch your business grow, your confidence skyrockets. The self-assurance gained from building an online business permeates into every facet of your life.

Imagine this:

A year or two from now you look back amazed at all you’ve accomplished. Yes, there were times of utter frustration when you wanted to pack it all in, but you didn’t. You stuck it through and acquired so many new skills.

Yes, you’ve changed your life but more importantly, you’ve changed YOU.

The person staring back at you in the mirror is no longer the same – now, you’re more resilient, in control and ready to tackle any obstacles that dare stand in your way.

8 Real Drawbacks To Starting An Online Business

Starting an online business is undoubtedly an exciting venture, but let’s not sugarcoat it – it’s not all smooth sailing.

To make an informed decision, you need to consider both the pros and cons, so here are the significant downsides you need to be aware of:

1. Lonely Hustle

Ever heard of the phrase “solopreneur”? Well, get ready to become best friends with it.

Starting an online business can be a solitary journey, with long hours spent staring at your screen and missing the water cooler banter. It’s just you, your ideas and occasional virtual high-fives.

You have to be intentional about scheduling social events to connect with the real world and avoid becoming a social recluse.

2. Information Overload

Welcome to the age of too much information. From deciphering SEO strategies to navigating social media algorithms and decoding AI prompts, you’ll find yourself swimming in a sea of data – and the currents are ever-changing.

Sorting through the avalanche of information can be like finding a needle in a haystack. So brace yourself for the constant challenge of distinguishing valuable insights from the overwhelming influx of data, while staying adaptable to the ever-evolving digital landscape.

3. Tech Headaches

Sure, technology is fantastic until it isn’t.

From website crashes to mysterious bugs, you might find yourself dealing with tech issues that can turn your day upside down. Suddenly, you’re not just a business owner; you’re also an amateur IT specialist.

4. Self-Discipline Struggles

When your office is also your home, staying disciplined can be challenging. Distractions are aplenty and procrastination becomes a lurking threat.

Developing strong self-discipline habits is essential to stay productive and avoid the pitfalls of an undisciplined work routine so you can get the results you’re after.

5. Rollercoaster Income

Predicting your income can feel like predicting the weather – good luck with that.

Unlike a steady paycheck, online business revenue can be unpredictable. Some months you’re swimming in cash; others, you’re counting pennies. Get ready for the financial rollercoaster ride.

6. Midnight Oil Addiction

While it’s great you love what you do, the danger is your online business can become all-consuming. Forget the 9-to-5; in the online world, the grind is 24/7, especially when you’re starting out.

Late nights and early mornings become part of the game. Say hello to the midnight oil; you might find yourself burning it more than once.

7. DIY Overload

As an online entrepreneur, you wear many hats – marketer, content creator, strategist, customer support and more.

The DIY spirit is admirable, but juggling everything can be overwhelming and they’ll be times you’ wish for a clone or at least an extra set of hands. Of course, as your income grows, you can explore building a team and outsourcing work.

8. Burnout Battle

It’s a marathon, not a sprint. Many online business owners walk a fine line between passion and burnout.

The relentless pursuit of success can lead to exhaustion if you’re not careful. Recognizing the signs of burnout and finding the right balance is crucial if you want to go the distance.

Is Starting An Online Business A Good Idea For ME?

If you’re still unsure whether starting an online business is a good idea for you right now, here are some questions to help you decide:

If You’re Ready For A Challenge…

Go for it! Life’s too short to hold back.

Launch your online business right here and buckle up, because you’re in for an exciting ride!

Enjoy the journey, learn from the hiccups and celebrate every victory – this is your chance to build an online empire you can be proud of.

If You Value Stability…

If the idea of uncertainty makes you uneasy, starting an online business might not be the best idea for you right now.

Unlike the dependable monthly paycheck that comes from a job, the unpredictable ebb and flow of the online business world isn’t everyone’s cup of tea.

If You Can’t Stand Working For Other People…

If the thought of being bound by someone else’s rules and schedule makes your skin crawl, diving into the world of online business might just be the escape you’ve been looking for

No more answering to a boss or asking permission to get time off – you get to call the shots.

Take the first step now and you’ll never look back.

If You’re Tight On Time…

Building an online business takes time, energy and commitment, so it’s important to be realistic about your availability from the get-go.

You want to dedicate at least 2 hours a week to building your business. (More if you can – you’ll see results faster.)

This means intentionally setting aside time slots in your schedule specifically for building your business.

If You’re Ready To Live Life On Your Own Terms…

If the idea of freedom and flexibility gets your heart racing, then you likely have what it takes.

No more clocking in and out, no more rigid schedules – just the freedom to work whenever and wherever you want.

Tap here to launch your online business – it could well be your ticket to a life less ordinary.

Starting An Online Business: The Bottom Line

Now that you’ve explored the full pros and cons of diving into the online business world, it’s time for a personal gut check.

Ask yourself, are you ready for the challenge, the freedom and the unknowns that come with launching your online venture?

If the answer is a resounding “yes!” then it’s time to stop overthinking, take the plunge and make your mark.

And remember, our greatest success often lies just beyond our comfort zones.

So, embrace that “happily-terrified” feeling with the fearless enthusiasm of a digital trailblazer and watch as your dream business becomes a reality.

Thank you for reading this article.

I hope it helped.

Simon

P.S. Wealthy Affiliate is the ultimate all-in-one online business platform.

Website builders, AI content creators, step-by-step training and 2.6 million fellow go-getters to help you make it happen.

Try it for free here and I look forward to connecting with you on the inside.